National Republican., 1887-09-20
Tic rlnnncIal Prohlem.

The financial column OF the New York
Sua contains the following
There has been no porceptible change in the
monetary situation despite the large receipts
of money from abroad aud the extensive dis.
bursements by the treasury. 1t is evident that
effective relief will require larger amount
Of money than has yet been forthcoming from
these two sources. Efforts have been made to
have this condition Of affairs appreciated by
the Treasury Department, and, while no def
ute action has yet beou taken, the opinion has
become pretty prevalent in Wall street that
policy that will unlock n large portion Of the
surplus Immediately Is likely to be adopted by
the department. The market for sterling ex-
change has been somewhat frmer, owing 10
the smaller export movement and the tempo
rary cessation Of the foreign buying of seourl
ties. In general trade ~ In Wall
street, about the only unravorable factor is the
stringent money market.
So far as Wall street Is concerned the adj
miuistration seems determined to take care
Of It, and If It did not the NATIONAL Re-
PUBLICAN has no sympathy for the gamblers
Of that locality, except for the influence
their condition has upon the general
trade" which the administration not only
neglccts, but, as the SIN states, hampers aud
ruins by Its continual absorption Of the cur.
rency without an effort to relieve the
pressure.
There are more ways than one pointed
out by the NATIONAL REPUBLICAN by
which the needs Of the country could be re-
lieved. These are the redemption Of bonds
under the law OF 1869, loauing the par
value Of bonds at per cent. interest and
the purchase and coinage of the limit author
lied by law of the standard silver dollar.
OF this last the San says editorially:
Tne silver coinage net of 1873 authorizes the
purchase of four millions of dollars wOrsh OF
silver bullion every month and its coinage
into legal.touder dollars. Acts passed subse-
quently authorize the issue of certificates
against these dollars, which would result in
the addition OF their whole smouot to the
paper currency of the country. Up to the
present moment the operation of these laws
has been restricted to the purchase aud COIN
age of two millions of dollars worth of silver
per month, and even this limited amount has
prevented a much worse currency contraction
than now prevails. Had II not been tor the
millions of silver now in circulation in the
shape of coin and certificates, we should have
nothing to take tho place of the millions Of
| national bank currency Withdrawn during the
past few years and the millions of legal ten.
| ders lost and destroyed without being replaced
by new issues. The authors OF the Bland.
Allison act builded wiser than they knew,
and full advantage has not yet been taken of
their benehCent work.
But the administration fails and refuses
to adopt any OF these plans and continu. IS
its futile efforts to relieve the pressure by
the Illegal purchase of a few bonds each
week, thereby relieving momentarily the
gamblers in Wall street, but giving no aid
to the general trade.n The efforts,
such as they are, made by the admin
istration, have had no perceptible effect on
the money market-have done nothing for
the people. They have proven neither wise
| nor successful.
The people will have something to say on
this subject when Congress meets, and 1t is
| probable that Wall street will not control
the actions Of that body, whatever influence
it may have in the present management OF
| the monetary affairs of the country.